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The initiative belongs to sellers

06 May 2016, GBP/USD

The initiative belongs to sellers

Four-hours chart of GBPUSD. The pair continues to consolidate on the Supertrend Daily line. As long as the initiative belongs to sellers, we have no preconditions for an upward reversal. The local level of support is likely to be crossed today and the price will continue its further downward movement. The next stop would be the intermediate support level (6/8). But the medium-term outlook suggests level of support and resistance (4/8) as the goal of drop.

Trading solutions: look for sell opportunities slightly above the four-hours Supertrend Line

Nikolay Krishtopov
FreshForex Analyst
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